In the fall of 1907, it took J.P. Morgan just eight weeks to resolve a credit crisis similar to ours. Several years of buoyant growth and too much risk-taking in poorly understood investments led to needs for capital that could not be met. Morgan, then 70, locked the nation's top bankers into the ornate library at his home for late-night confession sessions. He asked them to lay bare their balance sheets, keeping himself alert with endless Havana cigars.Ahora hay que discutir en los parlamentos, conseguir los votos. Incomodidades de la democracia, que llevan a días como los de hoy.
The bankers reviewed one another's assets and liabilities. Morgan then decided which financial institutions had to go and which would live, getting commitments from the survivors and from the U.S. Treasury for infusions of capital. This Panic of 1907 had rattled the New York Stock Exchange and the markets for gold and municipal bonds, ruined several banks and trust companies, and nearly bankrupted New York City. Share prices fell by half. But once Morgan was done knocking banking heads together, markets swiftly recovered.
lunes, septiembre 29, 2008
morgan lo hizo
Ah, lo que ha costado el acceso de las masas a la política. El WSJ nos copia en la comparación con el pánico de 1907. Morgan resolvió una crisis bancaria de esta manera: